CBRE Boosts Stake in Japanese Affiliate

CB Richard Ellis Group Inc., a Los Angeles-based commercial real estate services firm, has announced the acquisition of a majority interest in its Japanese affiliate, IKOMA CB Richard Ellis KK, for an undisclosed amount.Under the arrangement, CBRE will boost its minority ownership interest in IKOMA to 51%, with IKOMA president Tatsumi Hanaya and other senior managers owning the balance. The Japanese company will adopt the CBRE brand name and combine operations with CBRE's majority-owned operation in Tokyo. "Our increased ownership position in IKOMA fits perfectly with our strategy of achieving pre-eminence in all of the world's major business capitals," said Brett White, CBRE's president and chief executive officer. "We also believe our investment is well timed. The Tokyo office market is clearly emerging from a pronounced downturn, with increased leasing and investment activity." The company can be found online at http://www.cbre.com.